Another member of the Silicon Valley hierarchy is backing eBay Inc.’s management in the fight against Carl Icahn, saying PayPal should remain with the e-commerce company.

Silver Lake Managing Partner and Director Egon Durban, the man who led the private-equity firm’s deal to buy the majority of Skype from eBay, said in an interview that he believes PayPal would be better off under the management and board of eBay.

“They are lucky to be part of eBay,” he said.

Mr. Durban is the latest technology leader to comment on eBay’s structure and board members in the face of criticism from Mr. Icahn, the activist investor who wants to break the company apart.

In addition to seeking a PayPal separation, Mr. Icahn has raised concerns about the makeup of eBay’s board, including Mr. Andreessen, a prominent venture capitalist who sits on the board of several other technology companies.

Mr. Durban said Mr. Andreessen, a Netscape co-founder and a successful venture capitalist, is a valuable board member.

“This is surreal: To have Marc on your board is truly incredible,” Mr. Durban said. “He is in a lot of ways, the uber technology Renaissance man.”

Mr. Durban added that Mr. Donahoe has created significant shareholder value and is one of only a few technology executives to revive a “stale” Internet property while also helping build PayPal.

Mr. Durban and Mr. Andreessen worked together to buy 70% of Skype in 2009, a transaction that has now drawn the ire of Mr. Icahn, who holds about 2.15% of eBay. Mr. Icahn alleges that eBay sold the stake for billions of dollars less than it was worth and says Mr. Andreessen, as a member of eBay’s board and the buyout group, was conflicted. Mr. Andreessen and eBay rejected those claims and said Mr. Andreessen didn’t weigh in on the sale as an eBay board member.

The Silver Lake group bought the 70% stake in a deal that valued Skype at $2.75 billion. Less than two years later, they sold Skype to Microsoft Corp. for $8.5 billion.

Friday, Mr. Icahn released his fourth letter of the week to eBay shareholders and also again criticized eBay director Scott Cook, who is also chairman of Intuit Inc.

“The point is that because of the multiple hats they wear and a number of their actions, we believe that eBay directors Mr. Marc Andreessen and Mr. Scott Cook have clear conflicts which call into question whether they can adequately fulfill the duty of loyalty that every director owes to ALL eBay stockholders,” Mr. Icahn wrote.

Mr. Durban and Mr. Icahn have their own history. Last year, Mr. Durban and Silver Lake teamed with Michael Dell to take Dell Inc. private in a $25 billion buyout that Mr. Icahn attempted to stop. For months Mr. Icahn alleged similar conflict of interest concerns about Mr. Dell’s role. The deal passed a shareholder vote after the price was raised and the voting rules were changed.